Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CALDER JAMES A
   2. Issuer Name and Ticker or Trading Symbol
Great Wolf Resorts, Inc. [WOLF] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CFO
(Last)
(First)
(Middle)
122 WEST WASHINGTON AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
12/20/2004
(Street)

MADISON, WI 53703		 4. If Amendment, Date Original Filed(Month/Day/Year)
12/20/2004		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/20/2004   C(1)   4,379 A (1) 4,379 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
LLC Interests $ 1 (1) 12/20/2004   C(1)     4,379 12/20/2004 12/20/2004 Common Stock 4,379 (1) 0 D  
Employee Stock Option $ 17 12/20/2004   A   100,000   12/20/2005(2) 12/20/2014 Common Stock 100,000 $ 0 100,000 D  
Phantom Units (3) 12/20/2004   A   11,765     (3)   (3) Common Stock 11,765 $ 17 11,765 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CALDER JAMES A
122 WEST WASHINGTON AVENUE
MADISON, WI 53703		       CFO  

Signatures

 James A. Calder   02/16/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) LLC interests in LLC's that held real estate were exchanged for Issuer common stock at the closing of the initial public offering which occurred on December 20, 2004. The number of shares allocated in exchange for the LLC Interests were based upon a formula set forth in the Issuer's Prospectus dated December 14, 2004. The initial public offering price was $17 per share.
(2) Option vests annually as to one-third of the shares of common stock for which the options are exercisable beginning on 12/20/2005.
(3) Each unit is the economic eqivalent of one share of common stock. This amended report includes reporting person?s phantom units in the issuer?s Deferred Compensation Plan excluded from report originally filed. The phantom units derived from the reporting person?s election to have deferred compensation balances track the performance of the issuer?s common stock beginning on the date of the consummation of the issuer?s initial public offering, as disclosed in the issuer?s prospectus dated December 14, 2004 in the section entitled Deferred Compensation Plan and in footnote (2) of the section entitled Principal Stockholders.

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